By Kim Harrold
With the introduction of new privacy legislation and increased publicity around cyber attacks recently, there has come a heightened awareness by businesses of the risk of privacy and cyber exposures.
The numbers are alarming, with more than 20% of Australian businesses experiencing crime, and 40% of all attacks directed at small to medium-sized enterprises.
Some of the common events that can result in a cyber insurance claim include:
- A hack attack
- Breach of privacy
- Lost or stolen iPad or laptop computer
Cyber liability insurance covers many components including:
- Liability to third parties from a failure to keep data secure can incur costs and compensation for investigations, legal costs, fines and penalties for breaching the Privacy Act.
- Costs you may incur as the insured such as extortion costs, for example ransom and payment to hackers, public relations expenses and IT forensic costs.
- Loss of profits and additional expenses reimbursement to keep your business operating as normal.
Don’t wait until it’s too late. It’s not a matter of if, but when you will be attacked!
Kim Harrold is a senior broker with Southbank Insurance Brokers. Contact her on [email protected] or give them a call on (07) 3844 6800.